COAST CITIES — San Diego Trust Bank has become one of the most consistently profitable banks in the state, reported its 26th consecutive quarterly profit with first-quarter earnings up 66 percent from the comparable period of a year ago.
Net earnings after-tax totaled $302,000 for the quarter ending March 31, 2011 compared to $181,000 for the same period last year. The bank’s earnings were 100 percent “core earnings” and did not include any release of loan loss reserves back into income.
Total assets reached $202.2 million as of March 31, 2011 compared to $158.4 million as of March 31, 2010, representing a 28 percent increase from the prior year’s figures. Total deposits increased 25 percent from a year ago and stood at $163.6 million as of March 31, 2011, compared to $130.4 million as of March 31, 2010. “Core deposits” represented 91 percent of all deposits as of March 31, 2011. The bank has never held any “brokered” deposits.
The bank’s asset quality continues to remain very strong with just one loan reported as “non-accrual” as of 3/31/11. This particular credit is well-secured and as such, the Bank does not foresee any meaningful loss potential. Liquidity, defined as cash, due from banks, and investment securities, was a record $149 Million as of March 31, 2011.
As of March 31, 2011 the bank’s Total Risk Based Capital ratio of 24.52 percent was among the highest in the nation for banks of similar size, and more than twice the amount needed to be considered “well-capitalized” by regulatory definition. San Diego Trust Bank has never applied for any tax-payer funded government assistance.
San Diego Trust Bank is the only bank in San Diego County to be designated as a “Five-Star” institution by Bauer Financial for the past 19 consecutive quarters.
San Diego Trust Bank common stock is traded on the Over-the-Counter Exchange under the symbol “SDBK.” For information on the company’s stock, contact primary market maker, Richard Levenson, president of Western Financial Corporation, at (619) 544-0260. For more information on the bank, visit www.sandiegotrust.com or call (619) 525-1700. For bank rating information, visit bauerfinancial.com.
“We are delighted to once again report such strong results to our loyal shareholders,” commented Chairman, President and Chief Executive Officer Michael Perry. “Our proven ability to adapt to ever-changing market conditions, and the tremendous efforts of our entire team, have enabled our organization to continue to generate strong results despite the many economic headwinds still plaguing our local and state economies. We are off to a very strong start in 2011 and look forward to carrying that momentum throughout the year.”
The bank’s strong performance was noted in March by The Findley Reports, a bank research and rating firm. The group designated San Diego Trust Bank a “Premier Performing Bank” based on its analysis of 2010 financial results. This rating places San Diego Trust among the very best in its industry relative to “safety, strength, and performance” according to Findley. This marks the seventh consecutive year that San Diego Trust has been recognized by the Findley Companies for its exceptional performance.